Home Gambling Industry New York mobile sportsbooks close to $5bn after operating 3 months

New York mobile sportsbooks close to $5bn after operating 3 months

11 Apr 2022
3 min. read

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Mobile sportsbooks in New York have seen another successful month. According to data released by the New York Gaming Commission, mobile sportsbooks have seen $1,638,266,833 in betting handle during March. The betting handle represents a total of $114,282,056 in gross gaming revenue (GGR) for mobile sportsbooks in the state.

Currently, mobile sportsbooks pay 51% tax on their GGR. This means that during March, sportsbooks collected a total of $55,998,207 in net revenue. On the other hand, the state received $58,283,849 in tax proceeds for March.

New York launched its mobile sports betting market on January 8. Undoubtedly, the first month of operation was the strongest so far, considering that the betting handle of the operators hit $1.67 billion.

In fact, mobile sportsbooks in New York set a record for the highest-ever recorded sports betting handle in a single month in January. After that, in February, the betting handle decreased slightly to $1.53 billion.

Overall, the betting handle of mobile sportsbooks for the first three months hit $4.84 billion. This reaffirmed that the mobile betting market in the state holds significant potential. Moreover, the betting market in New York performed better than other states where sports betting has been legal for years now.

In total, sportsbooks have collected $157.2 million in revenue since the launch of the mobile betting market until the end of March. Tax proceeds for the state during the first three months of operation hit $163.6 million.

Last month, the highest betting handle was reported by FanDuel. The sportsbook reported a total of $673,1 million in betting handle in March. Consequently, FanDuel collected some $28.6 million in net revenue last month.

DraftKings, another industry-leading sportsbook, has also seen strong results in March. In March, DraftKings reported $414.5 million in betting handle and collected $11.2 million in net revenue.

During the first month of operation of the mobile betting market in New York, Caesars has an unquestionable leader with $627.4 million in betting handle. However, during March, the sportsbook reported a total of $273.3 million in betting handle and $10.6 million in net proceeds.

On the other hand, BetMGM has seen a growth in terms of betting handle since the launch of the mobile betting market. In January, the sportsbook has seen only $82.2 million in betting handle, but in February, the betting handle increased to $154.6 million. That positive trend continued in March when BetMGM reported $2.4 million in net revenue and $172.6 million in betting handle.

PointsBet is another sportsbook that is licensed to offer mobile sports betting in New York. Last month, the operator reported $1.4 million in net revenue and $131.1 million in betting handle.

Last but not least, BetRivers, operated by Rush Street Interactive, has seen $839,358 in net proceeds and reported a total of $41.5 million in betting handle this March.



Image credit: Pixabay.com

11 Apr 2022
3 min. read